Demonetisation a miracle, not scam: Jayant Sinha
The Minister of State for Civil Aviation, Shri Jayant Sinha addressing at the Indian- Belgium Business Forum in collaboration with CII and Federation of Belgian Enterprises, in New Delhi on November 08, 2017.
5 Dariya News
Kolkata , 08 Nov 2017
Last updated on: Nov 08, 2017, 00:00 IST
Rejecting West Bengal Chief Minister Mamata Banerjee's comments on demonetisation, Union Minister Jayant Sinha on Wednesday said the note ban announced on November 8 last year was a "miracle and not a scam"."In Bengal, under the leadership of Mamata Banerjee, demonetisation has been seen as a scam. I tell her honestly and directly that it is a miracle, not a scam. It has been putting India on the path of competitiveness," he said at a programme here on the first anniversary of demonetisation.Sinha, son of former Union Finance Minister Yashwant Sinha, said the note ban had led to a dip in corruption and would induce huge long-term benefits for the country's economy and offset short-term economic losses.Demonetisation had also led to a change in people's behaviour and helped to increase the tax base and reduce dependence on cash in the economy, the Minister of State for Civil Aviation said.The annual report of the Reserve Bank of India (RBI) revealed that Rs 15.28 lakh crore, or 99 per cent of the Rs 15.44 lakh crore of scrapped notes, came back into the system after demonetisation.